MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Receives $24.13 Average PT from Brokerages

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) has earned a consensus recommendation of “Hold” from the four research firms that are currently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating. The average 1-year price objective among brokerages that have covered the stock in the last year is $24.13.

Several equities analysts recently commented on the company. Hovde Group cut their target price on MidWestOne Financial Group from $23.50 to $21.50 and set a “market perform” rating for the company in a research report on Friday, April 26th. Keefe, Bruyette & Woods cut their price objective on MidWestOne Financial Group from $28.00 to $27.00 and set a “market perform” rating for the company in a research report on Friday, April 5th. Finally, Piper Sandler cut their price objective on MidWestOne Financial Group from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Monday, April 29th.

Insider Activity

In other news, Director Charles N. Funk sold 5,000 shares of MidWestOne Financial Group stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $21.54, for a total value of $107,700.00. Following the completion of the sale, the director now directly owns 6,672 shares of the company’s stock, valued at approximately $143,714.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Charles N. Funk sold 5,000 shares of MidWestOne Financial Group stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $21.54, for a total value of $107,700.00. Following the completion of the sale, the director now directly owns 6,672 shares of the company’s stock, valued at approximately $143,714.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles N. Funk sold 3,000 shares of MidWestOne Financial Group stock in a transaction on Monday, May 6th. The shares were sold at an average price of $21.40, for a total value of $64,200.00. Following the completion of the sale, the director now directly owns 14,329 shares of the company’s stock, valued at $306,640.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,351 shares of company stock valued at $200,267. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On MidWestOne Financial Group

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of MidWestOne Financial Group by 2.5% during the first quarter. Vanguard Group Inc. now owns 631,230 shares of the financial services provider’s stock worth $14,796,000 after purchasing an additional 15,512 shares during the period. Empowered Funds LLC grew its stake in shares of MidWestOne Financial Group by 8.2% during the first quarter. Empowered Funds LLC now owns 53,206 shares of the financial services provider’s stock worth $1,247,000 after purchasing an additional 4,015 shares during the period. Sippican Capital Advisors grew its stake in shares of MidWestOne Financial Group by 88.9% during the first quarter. Sippican Capital Advisors now owns 41,430 shares of the financial services provider’s stock worth $971,000 after purchasing an additional 19,495 shares during the period. BNP Paribas Financial Markets grew its stake in shares of MidWestOne Financial Group by 24.8% during the fourth quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 2,728 shares during the period. Finally, Bailard Inc. acquired a new stake in shares of MidWestOne Financial Group during the fourth quarter worth $346,000. 65.42% of the stock is owned by institutional investors and hedge funds.

MidWestOne Financial Group Price Performance

MidWestOne Financial Group stock opened at $20.46 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $322.45 million, a PE ratio of 14.21 and a beta of 1.01. MidWestOne Financial Group has a one year low of $19.19 and a one year high of $27.78. The business has a 50 day simple moving average of $21.05 and a 200 day simple moving average of $23.05.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.22). The company had revenue of $44.48 million for the quarter, compared to the consensus estimate of $44.50 million. MidWestOne Financial Group had a return on equity of 5.47% and a net margin of 7.78%. On average, sell-side analysts forecast that MidWestOne Financial Group will post 2.07 EPS for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were paid a $0.243 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.97 annualized dividend and a dividend yield of 4.75%. MidWestOne Financial Group’s dividend payout ratio (DPR) is currently 67.36%.

MidWestOne Financial Group Company Profile

MidWestOne Financial Group, Inc operates as the bank holding company for MidWestOne Bank that provides commercial and retail banking products and services to individuals, businesses, governmental units, and institutional customers. It offers range of deposit products, including noninterest bearing and interest bearing demand deposits, savings, money market, and time deposits accounts.